Grosvenor and Mitsui Fudosan join forces for South Molton Triangle
Grosvenor and Mitsui Fudosan UK have formed a joint venture to deliver a key part of the South Molton Triangle development in Mayfair, W1.
The jv will focus on the 263,000 sq ft North and South blocks of the sustainable, mixed-use development. The scheme will be office-led, with shops and restaurants at street level.
Grosvenor and Mitsui Fudosan UK have formed a joint venture to deliver a key part of the South Molton Triangle development in Mayfair, W1.
The jv will focus on the 263,000 sq ft North and South blocks of the sustainable, mixed-use development. The scheme will be office-led, with shops and restaurants at street level.
James Raynor, chief executive at Grosvenor Property UK, said: “Securing a partner with Mitsui Fudosan UK’s experience and global reach is a huge step forward for South Molton Triangle. They share our ambition to create lasting positive social, economic and environmental impact and have a strong track record both in London and globally.”
Tomoo Nakamura, chief executive at Mitsui Fudosan UK, added: “One of Mitsui Fudosan’s key strengths in Japan is in mixed-use, placemaking development and we are excited to be participating in a project with similar characteristics in such a high-profile part of central London.”
Grosvenor plans to deliver the other phases of the project, including community, residential and additional retail elements, as well as a new five-star boutique hotel.
The South Molton Triangle is a seen as a trophy site, located directly opposite the western entrance of the new Bond Street Elizabeth Line station. Grosvenor sees it as a new “gateway into Mayfair”.
Raynor said: “The South Molton Triangle, combined with our other developments in Mayfair, including the redesign of Grosvenor Square, signals our confidence in the future of the West End. Not only will this project create an exciting new destination with its own unique offer, it will bring in additional spending, create jobs for Westminster residents and ensure this area of London continues to be a fantastic place to live, work and spend quality time.”
Grosvenor said the wider development would preserve the area’s historic building façades and retain landmarks, including a refurbished Running Horse pub on Davies Street.
It will also invest £8m in a greener, more pedestrian-friendly public realm.
Works across South Molton Triangle are expected to start in 2023, concluding in 2027.
The terms of the joint venture have not been disclosed.
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